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Kyrgyzstan Review, 10 years ago




Excerpts from the article "Bishkek reports investments". By T. Karateyeva

Capital Mayor's Office has [recently] reported to the government about its progress in attracting foreign investment into Bishkek economy. About $400 million investment has come over the last three years. Some 62 investment projects have been developed, including 32 ones approved by the city commission on assistance to direct investment. These investment projects have been implemented in machine building, food industry, consumer goods production, chemical industry, building materials production, and agriculture. In all, some 2,157 companies involving foreign capital are working in Bishkek
 
Sale of property rights for land has intensified. Some 23 plots for construction projects have been offered for four first auctions alone; three of them have been sold at a total of 310,000 soms. In addition Mayor's office has listed unused production areas that are offered to entrepreneurs and possible investors
 
In 2001 alone, the city administration office passed some 12 decisions to remove administrative barriers and simplify the permission-issuing system. Some 14 units from the list of city structures engaged in issuing permission documents have been liquidated. Duplications has been eliminated in city services responsible for advertisement activities and licensing passenger trafficking
 
Agreements have been signed with 20 CIS and far-abroad cities. E.g., it is planned to create a joint agricultural machinery and parts production with Kiev-based Traktrodetal Plant using Usta JSC facilities; Irani KAUSON has commenced renovating city road pavement; Dastan MNC JSC has elaborated the project of developing trade relations with the Ukrain-based Pharmedtekh; organization actions are going on in Oremi JSC to open a Kyrgyz-Ukraine trading house. The economic relations development with China has resulted the operation of some 67 Chinese companies, including 39 joint ventures. Five-star Hotel Hyatt Regency has been commissioned through foreign investment; this is a very important step in improving local hotel business. Large investment has been attracted by Reemtsma-Kyrgyzstan JSC, Bishkeksoot JSC, VLKSM Bishkek Sewing Factory JSC, Coca-Cola, etc
 
Investment from the CIS has increased 5.4 times, making up $1.3 million. Far-abroad countries are responsible for 95% of all direct investment, where the largest investors are Germany (50.2%) and the USA (23%). Due to these donations the city has created over 1,000 jobs, new competitive types of products have been introduced, the range and quality of products have been improved
 
Slovo Kyrgyzstana, March 14, 2002